In a large skillet over medium heat, add chopped bacon and cook until crispy, around 5-7 minutes. Remove the bacon and set aside on a paper towel, keeping the rendered fat in the pan.

In the same skillet, add 2 tablespoons of extra-virgin olive oil to the rendered bacon fat. Increase the heat to medium-high, then add the gnocchi. Sauté for 5-7 minutes, stirring occasionally, until the gnocchi are golden and crispy. Set aside.

Lower the heat to medium, and add the chopped onions to the skillet. Sauté for about 5 minutes until the onions are translucent and tender. Add the minced garlic and fresh thyme, cooking for another minute until fragrant.

Pour in 1½ cups of reduced-fat milk, then add 3 ounces of softened cream cheese and 1½ cups of canned pumpkin. Whisk until you have a smooth sauce, about 3-4 minutes. Keep stirring until the mixture thickens slightly.

Return the sautéed gnocchi and the crispy bacon back into the skillet with the creamy pumpkin sauce. Gently toss together, ensuring that the gnocchi and bacon are well-coated in the sauce. Cook for an additional 2 minutes to heat everything through.

Sprinkle in ½ cup of grated Parmesan cheese and stir until it melts into the creamy sauce. Adjust seasoning with ground black pepper to taste, then serve garnished with extra thyme and Parmesan.